Crown Resorts offloads CrownBet stake for $117M

Beleaguered casino operator Crown Resorts has agreed to sell its 62% stake in online betting company CrownBet for A$150 million (US$117 million).

In a filing, the Australian Stock Exchange-listed company announced that it has entered into agreement with a buyer who Crown Resorts described only as “an entity associated with other shareholders in CrownBet, including CrownBet management team” led by CEO Matthew Tripp.

The deal, which includes the loans advanced by Crown to CrownBet, is still subject to the buyer “arranging satisfactory financing.” Crown said it expects the transaction to be completed by February 2018.

Crown confirmed in November that it had been in talks about the possibility of selling its CrownBet stake, following reports that both British bookmaker William Hill and Dublin-based Paddy Power Betfair—which operates Australian online bookmaker Sportsbet—had expressed interest in the stake.